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on revenue. but we are also not about to further weaken the economy by raising tax rates and hurting jobs. bill: in 30 minutes, what would steve forbes do? martha: that's a question i always ask myself. in this situation, what would steve forbes do? pill * these are big, big issues and negotiations will go late into the night. we'll get steve's take coming up on that. martha: an investigation is underway after a small plane carrying three pilots crashed into a neighborhood. what witnesses heard and saw there. bill: there were serious questions about eric holder and the petraeus affair. why didn't he tell the white house any sooner? >> lawmakers want to know in terms of when petraeus found out. he was under investigation. has it had any impact on the comments he made to senators about benghazi and what he knew? we just learned general petraeus says he does want to testify about benghazi. more in a moment. >> you can't get to the bottom of benghazi without him testifying. i want to hear from him what he knew before, during and after the attack. there is nyoo substitute for his testimony in
to him live. we'll see which way the worm turns this morning. martha. martha: go back to the economy for a moment because there is a dire warning to lawmakers on our economic future. moody's investors service says the u.s. still get as negative rating because of the uncertainty surrounding the so-called fiscal cliff. all of this comes as congress today returns to work on capitol hill for their first session since september after a hard-fought election. paul ryan is now speaking out for the first time. he says he is ready to reach across the aisle. >> it's part of my job to be a part of the solution to try to make this divided government work because the issues we talked about seven days ago are still the issues we have to deal with today, the economy, a debt crisis. we have got a health care system problem. i worry about our military. these same problems exist and we'll have to find a way of finding common ground to make them work. martha: paul ryan who hoped to be vice president of the united states come january, now finds himself in his congressional seat still in wisconsin and say
and higher jobless pen fit claims because the economy appears to be getting weaker and weaker. we face tax increases next year. that's been noted by business. there have been some layoffs prior to those tax increases. and so the underlying trend may be up. it has been exaggerated by hurricane sandy. gregg: stu, things could get worse january 1st, when all of these spending cuts and tax increases happen. it is so-called fiscal cliff. put it up on the screen. 158 million americans would be affected by this. the average household, $3500 a year in tax increases. you're talking about 88% of the households are going to see tax increases. if i read the cbo report correctly, they say this will drive us right back into another huge recession, right? >> well you've got two cbo reports. the one you're referring to says, yes, you go over that fiscal cliff, massive tax increases and big spending cuts. you will go into recession. a separate report looks just at what happens if we raise taxes on the top 2%. just on the rich, the top 2%. if we do that, we lose 200,000 jobs next year. factor that into the
much do you want to do and perhaps drive the economy into a recession. the second is what deal can you strike about the debt. in the end if they do raise more revenue they shouldn't do it by raising the tax rates, but by broadening the base. and remember none of it is going to solve our problems. they have to do entitlement reform. gregg: here is what john boehner had to say. >> the problem with raising tax rates on the yetist americans is that more than half of them are small business owners. we know from ernst and young 700,000 jobs would be destroyed. we also know that it would slow down our economy. raising tax rates will slow down our ability to create the jobs that everyone says they want. gregg: so, steve is john boehner right or crystal right. >> john boehner gets an a in economics. he's precisely right. a large percentage of the income that barack obama wants to tax at the higher rate is small business income. the other part of it that the speaker didn't mention is the other big component of that income is investment income the money that the people put into the small business
go off the fiscal cliff the economy goes into recession. this is not a small matter. i think we have to address this. martha: the deadline is 6 to 7 weeks away. it makes you wonder why we didn't have an active debate about this during the course of this election process. bill: if there is no deal, check this out. the number of american taxpayers affected, 158 million. american household will face an average of $3,500 in additional taxes starting the first of the year. that means 88% of household will see their taxes go higher. martha: that's one of the many immediate battles facing this president as he heads into his second term. governor mike huckabee joins us on that in his first post-election reaction. also this morning we are learning new details on iran's attempt to shoot down an unmanned u.s. aircraft. last week two russian-designed iranian warplanes fired and missed the drone as it flew in international air space. the pentagon says this will not change america's mission in the region. >> the united states communicated to the iranians we'll continue to conduct surveillance flig
consequences for the economy. doug holtz-eakin saying it could lead to yet another recession. >> these are big cuts, 10 to 14% in programs, a quarter of the way through their fiscal year. that is bad policy and dangerous. the fiscal cliff is $440 billion of taxes and $200 billion spending cuts. that is had% of gdp when we're growing one 1/2 2% growth rates. going over the full fiscal cliff is recipe for recession, no question about it. bill: he also says that the most important thing right now for the president to do is reach out to congressional leaders including two of those key republicans, house speaker john boehner, senate minority leader mitch mcconnell. martha: virginia governor bob mcdonnell reacting to the election loss saying the republican party must find a way to better solve their core political message and the delivery. here it is. >> the outrage to newer, voters, minority voters, bret, we got pretty well clobbered across the board. i believe our conservative ideas are better for all those groups, all those people. we have to be more effective. i think our message is better. when
Search Results 0 to 11 of about 12 (some duplicates have been removed)